Parameters

Below is a list of all of the implemented parameters for the Basis Dollar protocol.

Basics#

  • Epoch Length: 12 Hours
  • BSDS Lockup: 2 Epochs for rewards and 4 Epochs for BSDS Stakers

Supply Mechanics#

Oracle#

  • Source: ValueLiquid BSD/USDC pair
  • Source: ValueLiquid BSD/DAI pair
  • Method: ValueLiquid Time Weighted Average Price (TWAP)
  • Weighted Dollar Price (WDP) = (TWAP(USDC)Liquidity(BSD/USDC pair) + TWAP(DAI)Liquidity(BSD/DAI pair))/ ( Liquidity(BSD/USDC pair)+Liquidity(BSD/DAI pair) )
  • Oracle Minimum: 10,000 WDP
  • Period: 1 Epoch (12 Hours)

Supply/Debt Expansion#

Expansion ($BSD Price > 1$)#

WDP above 1$ where amount of $BSD in Treasusy contract >= totalSuppy of $BSDB (Basis Dollar Bond)

  • Maximum Supply Expansion: 4.5%
  • Expansion Percentage: WDPrice - 1 * 100 or 4.5% (whichever is lower)
  • Expansion Distribution:
    • Seigniorage Stakers: 100%
    • Redeemable: 0%

WDP above 1$ where amount of $BSD in Treasusy contract < totalSuppy of $BSDB (Basis Dollar Bond)

  • Maximum Supply Expansion: 9%
  • Expansion Percentage: WDPrice - 1 * 100 or 9% (whichever is lower)
  • Expansion Distribution:
    • Seigniorage Stakers: 35%
    • Redeemable: 65%

Contraction ($BSD Price < 1$)#

WDP below 1$

  • Maximum Supply Expansion: 0%
  • Maximum Debt Expansion: 4.5%
  • Expansion Percentage: 1 - WDPrice * 100 or 4.5% (whichever is lower)
  • Expansion Distribution:
    • Seigniorage Stakers: 0%
    • Redeemable: 0%

Basis Dollar Bonds#

  • Max debt ratio: 35%

Governance#

Protocol Governance#

  • Platform: BSD DAO
  • On-Chain: Yes
  • Voting Length: 6 Epochs
  • Proposal expiry: 3 Epochs (If not committed after successful vote)
  • Proposal Threshold: 0.5% of BSDS LPs in BSDS/DAI and BSDS/USDC, or BSDS stakers in Seigniorage Stake
  • Voting Quorum: 20%
  • Super Majority: 66%
  • Emergency Delay: 3 Epochs

DAO fund Governance#

  • Platform: Snapshot Page
  • On-Chain: No
  • Voting Period: ~3 Days (Not enforced)
  • Proposal Threshold: 50000 BSDS of BSDS LPs in BSDS/DAI and BSDS/USDC, or BSDS stakers in Seigniorage Stake
  • Voting Quorum: None
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